Two Ex-Fed Officials Have a Faster Way to Distribute Money in Recession

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(Bloomberg Markets) — The coronavirus pandemic that shut down economies around the globe showed how crucial—and difficult—it is to get money swiftly to people who need it most in a crisis. Former central bank officials Simon Potter, who led the Federal Reserve Bank of New York’s markets group, and Julia Coronado, who spent eight years as an economist for the Fed’s Board of Governors, are among the innovators brainstorming solutions. They propose creating a monetary tool that they call recession insurance bonds, which draw on some of the advances in digital payments. Coronado, president and founder of MacroPolicy Perspectives LLC, and Potter, nonresident senior fellow at the Peterson Institute for International Economics, spoke with Bloomberg Markets to explain their idea.

BLOOMBERG MARKETS: How would recession insurance bonds work?

JULIA CORONADO: Congress would grant the Federal Reserve an additional tool for providing support—say, a percent of GDP [in a lump sum

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‘The disease is still around,’ officials warn as Ontario widens Stage 3 and cases in youth rise

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Yahoo News Canada is committed to providing our readers with the most accurate and recent information on all things coronavirus. We know things change quickly, including some possible information in this story. For the latest on COVID-19, we encourage our readers to consult online resources like Canada’s public health website, World Health Organization, as well as our own Yahoo Canada homepage.

As cases of COVID-19 continue to spread around the world, Canadians seem to be increasingly concerned about their health and safety

Currently, there are more than 110,000 confirmed coronavirus cases in Canada and nearly 8,800 deaths.

Check back for the latest updates on the coronavirus outbreak in Canada.

For a full archive of the first month of the pandemic, please check our archive of events.

July 20

7:15 p.m.: B.C. officials concerned about an ‘upward bend’ in its COVID-19 curve

BC Ministry of Health
BC Ministry of Health

Dr. Bonnie

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